Evolution Mining
Reinvigorating the
Australian Gold Industry
February 2013
Jake Klein, Executive Chairman
Disclaimer



This presentation has been prepared by Evolution Mining Limited (“Evolution Mining”) and consists of slides
for a presentation concerning the company. By reviewing/attending this presentation, you acknowledge and
agree the following.
This presentation includes forward-looking statements. Forward-looking statements inherently involve
subjective judgement and analysis and are subject to a number of risks, uncertainties, contingencies and other
factors, many of which are outside the control of, and may be unknown to, Evolution Mining. As such, actual
results or performance may vary materially from those expressed or implied by forward-looking statements.
The types of factors that could cause such variation in actual results or performance include (without
limitation) commodity prices, operational problems and general economic conditions. Given these factors,
undue reliance should not be placed on forward-looking statements, which speak only as at the date of this
presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange
listing rules, Evolution Mining does not undertake any obligation to publicly update or revise any forwardlooking statements contained in this presentation, including (without limitation) where Evolution Mining’s
expectations change in relation to such statements and where there is a change in events, conditions or
circumstances providing the basis for any such statement.
No representation or warranty, express or implied, is made as to the accuracy, completeness, reliability,
fairness or correctness of the information contained in this presentation. To the maximum extent permitted by
law, Evolution Mining and its related bodies corporate and affiliates, and each of their respective directors,
officers, employees, agents and representatives, disclaim any liability or responsibility for loss or damage
arising from or in connection with the use of the information contained in this presentation.
All $ figures quoted in this presentation are Australian Dollars unless otherwise stated
2
Who We Are
4th Largest ASX Listed Gold Mining Company
Mt Carlton
commissioning
Corporate Information
ASX Code
EVN
Index
S&P ASX200
Shares
Last Price 1
A$1.27ps
Market Capitalisation
A$0.9B
Daily Turnover 2
A$2.6M
Cash 3
A$49.2M
Debt 3
A$81.8M
1.
2.
3.
Pajingo Underground
Cracow Plant
Mt Rawdon Open Pit
189,369oz at
A$1,573/oz
Forward Sales 3
Major Shareholder
Edna May Open Pit
708.1M
Newcrest 33%
At 21 February 2013
3 month average as at 31 January 2013
At 31 December 2012
Created in November 2011 through the merger of
Conquest Mining and Catalpa Resources and
acquisition of the Cracow and Mt Rawdon mines
3
Credit(ibility) Crisis - We Hear You
Political Risk
 Rising resource nationalism
 Will be more accurately priced
Capital Discipline
 Key focus
 Capital less freely available and more expensive
Delivery
 Deliver on guidance
 No surprises
Dividends
 More focus on returns to shareholders
Consolidation
 Single asset companies will find funding new
projects more difficult and expensive
4
The Evolution Value Proposition
Australia
 Low risk - first world jurisdiction
 Second largest gold producer globally
 Improving cost profile
Delivery
 Delivering on guidance Q-on-Q since creation
 Delivering a significant growth project
 Delivering on exploration upside
Gold Dividend
 Dividend linked to gold production and gold price
Growth
 Exploration funded through strong cash flow
 Opportunistic, logical acquisitions
 Newcrest relationship
5
A Perfect Storm?
Strengthening gold price?
Depreciating currency?
Exploration technology and innovation
Vibrant mid-tier companies emerging
Australia
can regain
its status as
a premier
gold
investment
destination
6
Strong will get stronger
Evolution Financial Results 1H FY13:

Revenue from gold and silver sales increased by 108% to
A$321.6M

Underlying EBITDA increased by 151% to A$135.5M

Net profit increased by 188% to A$40.7M

Strong balance sheet with cash of A$49.2M and 7%
gearing at 31 December 2012

Dividend policy linked to 2% of gold production
18,098
10,000
9,000
Market Cap (A$M)
8,000
7,000
6,000
5,000
4,000
3,000
2,000
Gold Road
Citigold
Unity
Sihayo
Ampella
Doray…
Azimuth
Red 5
ABM…
Ramelius
Tanami
Gryphon
Saracen
Kingsrose
Alkane
Focus
Troy
PMI Gold
Gold One
Nthn Star
Teranga
Papillon
Kingsgate
St Barbara
Beadell
OceanaG…
Resolute
Endeavour
Perseus
Medusa
Silver Lake
Evolution
Alacer
Regis
0
Newcrest
1,000
As at 1 February 2013
7
Australia’s Newest Mid-tier Producer
 All assets 100% owned
 Excellent exploration potential
 3.3Mozeq Ore Reserves
 7.0Mozeq Mineral Resources
 Defined growth profile
Evolution FY13 Production Outlook
370koz – 410koz AuEq
8
Delivering on Guidance

Evolution has met or exceeded guidance every quarter since creation in
November 2011

Predictability achieved as a result of multiple mine portfolio
150,000
900
800
100,000
600
500
75,000
400
101,663
85,000
94,446
85,000
97,149
85,000
84,122
85,000
25,000
300
89,812
50,000
85,000
Production (oz)
700
0
200
Cash Cost ($/oz)
125,000
100
0
Dec Qtr 2011
Production Guidance
Mar Qtr 2012
Actual Production (oz)
Jun Qtr 2012
Sep Qtr 2012
Actual Cash Cost($/oz)
Dec Qtr 2012
Cash Cost Guidance Range ($/oz)
9
Cracow



Consistent production – operating since
2004
Mine Type
Underground
Minerals
Gold and silver
FY13 outlook of 90,000 – 100,000oz at a
cash cost of A$780 – A$820/oz
Mineralisation type
Low-sulphidation epithermal
Throughput
550ktpa
Average grade
6g/t gold
Recovery
94%
FY13 production
outlook
90,000 – 100,000oz
80,000
FY13 cash cost
outlook
A$780 – A$820/oz
60,000
Mine Life
5 years
40,000
Ore Reserves
0.24Moz gold
20,000
Mineral Resources
0.77Moz gold
Current investment in underground
development to provide production flexibility
and ensure long term predictability
Production (oz)
120,000
100,000
101,724oz
102,565oz 90,000-100,000oz
0
FY2011A
Production ounces
FY2012A
FY2013F
Guidance Range
10
Pajingo



Field has produced 2.6Moz since 1996 –
excellent exploration upside remains
Mine Type
Open pit and underground
Minerals
Gold
FY13 outlook of 85,000 – 90,000oz at a cash
cost of A$730 – $780/oz
Mineralisation type
Low-sulphidation
epithermal
Throughput
650ktpa
Average grade
6g/t UG and 3g/t OP
Recovery
96%
FY13 production
outlook
85,000 – 90,000oz
FY13 cash cost
outlook
A$730 – A$780/oz
Mine Life
5 years
Ore Reserves
0.18Moz gold
Mineral Resources
0.89Moz gold (excl. Twin
Hills)
Operational turnaround underway – FY13
production to double FY11 result
Production (oz)
100,000
85,000-90,000oz
75,747oz
80,000
60,000
45,889oz
40,000
20,000
0
FY2011A
Production ounces
FY2012A
FY2013F
Guidance Range
11
Edna May


Turnaround evident – record production of
48,687oz achieved in first-half of FY13
FY13 outlook of 75,000 – 80,000oz at a
cash cost of A$840 – A$890/oz
Secondary crusher trials to lift throughput to
over 3Mtpa – initial results are positive
100,000
Production (oz)

80,000
65,593oz
75,000-80,000oz
73,264oz
Mine Type
Open pit
Minerals
Gold and silver
Mineralisation type
Reef structures and gold
stockwork
Throughput
2.6Mtpa
Average grade
1.0g/t gold
Recovery
90%
FY13 production
outlook
Edna
May Crushing
Circuit
75,000
– 80,000oz
FY13 cash cost outlook
A$840-A$890/oz
Mine Life
9 years
Ore Reserves
0.77Moz gold
Mineral Resources
1.54Moz gold
60,000
40,000
20,000
0
FY2011A
Production ounces
FY2012A
FY2013F
Guidance Range
12
Mt Rawdon



Consistent production since 2001
FY13 outlook of 95,000 – 110,000oz at a
cash cost of A$600 – A$660/oz
Cut-back accelerated to optimise mining
costs and availability of higher grade ore
120,000
Production (oz)
100,000
95,000-110,000oz
89,636oz
95,403oz
Mine Type
Open pit
Minerals
Gold and silver
Mineralisation type
Volcanic hosted
Throughput
3.5Mtpa
Average grade
1.0g/t gold
Recovery
90%
FY13 production outlook 95,000 – 110,000oz
80,000
FY13 cash cost outlook
A$600-A$660/oz
Mine Life
8 years
Ore Reserves
0.9Moz gold
Mineral Resources
1.2Moz gold
60,000
40,000
20,000
0
FY2011A
FY2012A
FY2013F
Production ounces
Guidance Range
13
Mt Carlton

A high quality, new project
Stage
Commissioning

First concentrate production expected in
March quarter 2013 – LOM offtake
agreements are in place
Mine Type
Open pit
Minerals
Gold, silver and copper
Mineralisation type
High-sulphidation epithermal
Will be the lowest cost mine in the portfolio
from FY14
Throughput
800,000tpa
Average grade
V2 open pit – 3.7g/t gold eq.
Average annual payable gold production of
approximately 55,000oz at C1 cash cost of
<A$500/oz after by-products credits
FY2013 ramp-up
production outlook
25,000 – 30,000ozAuEq
payable
Mine Life
12 years
Ore Reserves
1.2Moz gold equivalent
Mineral Resources
2.2Moz gold equivalent



Significant exploration upside
20
12
Delivering on Exploration Upside


Strategic 6,750km2 tenement holding around operations in established
metallogenic belts
Well-funded FY13 exploration budget of A$28M
(excluding orebody extension and resource development)

Building a technical team to maximise potential for discovery
Pajingo
Cracow
 Resource upgrades at Sonia and Zed
 Potential for additional resources from
new discovery at Moonlight
Sonia
5.6m @ 14.0 g/t Au
4.0m @ 77.0 g/t Au
3.8m @ 20.5 g/t Au
4.5m @ 97.1 g/t Au
Zed
4.6m @ 29.2 g/t Au
4.6m @ 8.2 g/t Au
2.8m @ 32.5 g/t Au
3.6m @ 15.0 g/t Au
Moonlight and Io
6.0m @ 16.3 g/t Au
2.7m @ 12.2 g/t Au
7.2m @ 9.0 g/t Au
7.3m @ 5.7 g/t Au
 Reserve upgrades at Coronation,
Empire, Roses Pride, Kilkenny/Tipperary
 Potential for additional resources from
new discoveries at Denmead and Griffin
Denmead
11m (1.25etw) @ 8.44g/t Au
13m (0.54etw) @ 3.99g/t Au
Griffin
3.3m (2.75etw) @ 9.56g/t Au
7.6m (6.86etw) @ 5.88g/t Au
Pajingo and Cracow Exploration Results have been released previously. Full details are provided in Evolution Mining Quarterly Reports for the periods ending 31 December 2012;
30 September 2012 and 31 March 2012.
15
Analyst Coverage

Good analyst coverage – good market following – good trading liquidity
Broker
Analyst
BofA Merrill Lynch
Stephen Gorenstein
BBY
Kurt Worden
Credit Suisse
Michael Slifirski
Deutsche Bank
Chris Terry
Evans and Partners
Cathy Moises
Goldman Sachs
Paul Hissey
Investec
Tim Gerrard
JP Morgan
Joseph Kim
Macquarie
Mitch Ryan
Nomura
David Radclyffe
Ord Minnett
Stephen Scott
Patersons
Matthew Trivett
RBC Capital Markets
Geoff Breen
RBS Morgans
James Wilson
16
Globally Competitive
Australian diversified gold producer
Delivering operational predictability
Proven management team
Successfully reinvigorating undercapitalised assets
Delivering to promise
Financial strength
Ability to appropriately capitalise the asset base
Commitment to a gold-linked dividend
Delivering meaningful growth
Disciplined growth can be achieved due to key
competitive advantages
17
Appendices
Ore Reserves
Gold Reserves
Project
Type
1
Proved
Cut-Off
Tonnes
(Million)
Gold Grade
(g/t)
Probable
Gold Metal
(koz)
Tonnes
(Million)
Gold Grade
(g/t)
Total Reserve
Gold Metal
(koz)
Tonnes
(Million)
Gold Grade
(g/t)
Gold Metal
(koz)
Underground
3.0
0.126
10.9
44
1.16
5.3
198
1.28
5.9
242
Open-pit
0.4
12.9
1.0
418
11.7
0.9
349
24.6
1.0
767
Open-pit
0.7
4.52
3.1
446
4.61
2.5
366
9.13
2.8
812
Mt Rawdon
Pajingo
Open-pit
0.3
0.614
0.5
10
35.6
0.8
904
36.2
0.8
914
Open-pit
0.7
-
0.214
3.3
23
0.214
3.3
23
Pajingo 1
Underground
Total
3.0
0.046
6.0
9
0.859
5.5
153
0.904
5.6
161
18.2
1.6
927
54.1
1.1
1,991
72.4
1.3
2,918
Cracow
1
Edna May
Mt Carlton
1
Silver Reserves
Project
Mt Carlton
Type
Open-pit
Cut-Off
**
Tonnes
(Million)
Mt Carlton
Open-pit
Probable
Silver
Grade (g/t)
Silver Metal
(koz)
5.56
69
12,322
5.56
69
12,322
Copper Reserves
Type
-
Proved
Total
Project
-
Tonnes
(Million)
Silver
Grade (g/t)
Silver Metal
(koz)
4.61
20
2,991
4.61
20
2,991
Proved
Cut-Off
**
Total
Tonnes
(Million)
Copper
Grade (%)
Copper Metal
(kt)
5.56
0.30
16.8
5.56
0.30
16.8
Total Group
Tonnes
(Million)
19.3
Silver
Grade (g/t)
Silver Metal
(koz)
10.2
47
15,313
10.2
47
15,313
Tonnes
(Million)
Total Reserve
Copper
Grade (%)
Copper Metal
(kt)
4.61
0.23
10.5
4.61
0.23
10.5
Tonnes
(Million)
Copper
Grade (%)
Copper Metal
(kt)
10.2
0.27
27.3
10.2
0.27
27.3
Probable
Gold Equiv. Gold Equiv.
Grade (g/t) Metal (koz)
2.0
Tonnes
(Million)
Probable
Proved
Gold Equivalent Reserves
Total Reserve
1,236
Tonnes
(Million)
54.1
Total Reserve
Gold Equiv. Gold Equiv.
Grade (g/t) Metal (koz)
1.2
Tonnes
(Million)
2,090
73.4
Gold Equiv. Gold Equiv.
Grade (g/t) Metal (koz)
1.4
3,326
Notes:
1 Includes stockpiles
** Combined figure for V2 using 0.69g/t Au cut-off and A39 using 53 g/t Ag cut-off
Data is reported to significant figures and differences may occur due to rounding
The gold equivalence calculation represents total metal value for each metal summed and expressed in equivalent gold grade or ounces
The prices used in the calculation being A$1350/oz Au, A$28.00/oz Ag and A$2.00/lb Cu
Metallurgical recovery to concentrate of 90.0% for gold, 92.0% for silver at V2 and 88% silver at A39 and 92.0% for copper as indicated by metallurgical testwork
1 Troy Ounce = 31.1034768 grams
Au Eq for silver = ((Price Ag per Oz x Ag Recovery)/(Price Au per Oz x Au Recovery)) x Ag Grade
Au Eq for copper = ((Price Cu per lb x 2204.623) x (Cu Recovery)) / (Price Au per Oz x Au Recovery / 31.1034768) x (Cu Grade / 100)
20
19
Mineral Resources
Gold Resources
Project
Type
Measured
Cut-Off
Tonnes
(Million)
Gold Grade
(g/t)
Indicated
Gold Metal
(koz)
Tonnes
(Million)
Gold Grade
(g/t)
Inferred
Gold Metal
(koz)
Tonnes
(Million)
Gold Grade
(g/t)
Total Resources
Gold Metal
(koz)
Tonnes
(Million)
Gold Grade
(g/t)
Gold Metal
(koz)
Cracow1
Underground
2.3
0.203
8.9
58
1.06
7.3
248
2.83
5.1
462
4.09
5.8
768
Edna May1
Edna May
Open-pit
0.4
17.8
1.0
549
18.9
0.9
526
7.87
0.8
194
44.6
0.9
1,269
Underground
3.0
-
Mt Carlton
Open-pit
0.4
9.02
Mt Rawdon1
Pajingo
Open-pit
0.2
0.614
Open-pit
0.7
-
Pajingo 1
Twin Hills
Underground
2.4
0.274
Open-pit
0.5
Twin Hills
Underground
Sub Total
2.0
-
Type
Mt Carlton
Open-pit
Mt Carlton
Open-pit
7.2
146
0.576
6.9
127
1.21
7.0
273
14.7
1.5
695
1.41
1.5
68
25.2
1.7
1,350
1,194
0.5
-
10
-
6.6
-
58
-
44.7
0.7
1,058
7.17
0.5
125
52.5
0.7
0.221
3.7
26
0.01
2.2
1
0.231
3.6
27
2.11
5.5
375
2.78
4.9
440
5.16
5.3
873
204
2.42
2.2
170
0.64
1.7
35
3.06
2.1
4.1
71
0.32
3.5
36
0.7
3.9
87
1.56
3.9
194
28.5
1.5
1,332
85.1
1.2
3,280
24.0
2.0
1,540
138
1.4
6,152
Cut-Off
*
Tonnes
(Million)
Indicated
Silver
Grade (g/t)
Silver Metal
(koz)
11.4
57
20,790
11.4
57
20,790
Copper Resources
Type
0.63
586
Measured
Total
Project
-
2.0
0.54
Silver Resources
Project
-
Tonnes
(Million)
Silver
Grade (g/t)
Silver Metal
(koz)
14.9
19
9,004
14.9
19
9,004
Measured
Cut-Off
*
Total
Tonnes
(Million)
Total Group
Tonnes
(Million)
Copper Copper Metal
Grade (%)
(kt)
Tonnes
(Million)
Total Resources
Silver
Grade (g/t)
Silver Metal
(koz)
1.5
16
796
1.5
16
796
Indicated
Tonnes
(Million)
Silver
Grade (g/t)
Silver Metal
(koz)
27.9
34
30,590
27.9
34
30,590
Inferred
Copper Copper Metal
Grade (%)
(kt)
Tonnes
(Million)
Total Resources
Copper Copper Metal
Grade (%)
(kt)
Tonnes
(Million)
Copper Copper Metal
Grade (%)
(kt)
11.4
0.24
27.6
14.9
0.21
32.1
1.51
0.20
3.0
27.9
0.23
62.8
11.4
0.24
27.6
14.9
0.21
32.1
1.51
0.20
3.0
27.9
0.23
62.8
Measured
Gold Equivalent Resources
Inferred
Tonnes
(Million)
30.8
Indicated
Gold Equiv. Gold Equiv.
Grade (g/t) Metal (koz)
1.9
1,852
Tonnes
(Million)
85.3
Inferred
Gold Equiv. Gold Equiv.
Grade (g/t) Metal (koz)
1.3
3,577
Tonnes
(Million)
24.1
Total Resources
Gold Equiv. Gold Equiv.
Grade (g/t) Metal (koz)
2.0
1,567
Tonnes
(Million)
140
Gold Equiv. Gold Equiv.
Grade (g/t) Metal (koz)
1.6
6,996
Notes:
1 Includes stockpiles
* Combined figure for V2 using 0.35g/t Au cut-off and A39 using 42 g/t Ag cut-off
Mineral Resource figures are inclusive of Ore Reserves
Data is reported to significant figures and differences may occur due to rounding
The gold equivalence calculation represents total metal value for each metal summed and expressed in equivalent gold grade or ounces.
The prices used in the calculation being A$1350/oz Au, A$28.00/oz Ag and A$2.00/lb Cu
Metallurgical recovery to concentrate of 90.0% for gold, 92.0% for silver at V2 and 88% silver at A39 and 92.0% for copper as indicated by metallurgical testwork
Au Eq for silver = ((Price Ag per Oz x Ag Recovery)/(Price Au per Oz x Au Recovery)) x Ag Grade
Au Eq for copper = ((Price Cu per lb x 2204.623) x (Cu Recovery)) / (Price Au per Oz x Au Recovery / 31.1034768) x (Cu Grade / 100)
20
20
Competent Person Statement
The information in this presentation that relates to exploration results, Mineral Resources or Ore Reserves listed in the table
below is based on work compiled by the person whose name appears in the same row, who is employed on a full-time basis
by the employer named in that row and is a member of the institute named in that row. Each person named in the table
below has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and
to the activity which he or she has undertaken to qualify as a Competent Person. Each person named in the table consents
to the inclusion in this report of the matters based on his or her information in the form and context in which they appear.
Resource/Reserve
Name of Competent
Person
Employer
Institute
Mt Carlton Ore Reserve
John Wyche
Mt Carlton Mineral Resources
John Winterbottom
Australian Mine Design and
Australasian Institute of Mining and Metallurgy
Development Pty Limited
Evolution Mining
Australian Institute of Geoscientists
Pajingo Mineral Resources
Calvin Ferguson
Evolution Mining
Pajingo Underground Ore Reserves
Andrew Fox
Formerly Evolution Mining Australasian Institute of Mining and Metallurgy
Pajingo Open-pit Ore Reserves
Cameron Skinner
Evolution Mining
Australasian Institute of Mining and Metallurgy
Pajingo Exploration Results
Brentan Grant
Evolution Mining
Australian Institute of Geoscientists
Twin Hills Mineral Resources
Peter Brown
Formerly Evolution Mining Australian Institute of Geoscientists
Edna May Underground Mineral Resource
Edna May Open-pit Mineral Resources and
Ore Reserves
Cracow Mineral Resources
John Winterbottom
Evolution Mining
Australian Institute of Geoscientists
Luke Cox
Evolution Mining
Australasian Institute of Mining and Metallurgy
John Winterbottom
Evolution Mining
Australian Institute of Geoscientists
Cracow Ore Reserves
Fusheng Li
Evolution Mining
Australasian Institute of Mining and Metallurgy
Cracow Exploration Results
Shane Pike
Evolution Mining
Australasian Institute of Mining and Metallurgy
Mt Rawdon Mineral Resource
John Winterbottom
Mt Rawdon Ore Reserve
Karl Smith
Evolution Mining
Australian Institute of Geoscientists
Karl Smith Mine and
Australasian Institute of Mining and Metallurgy
Geology Consulting Pty Ltd
Australasian Institute of Mining and Metallurgy
21
Notes
www.evolutionmining.com.au
22
Notes
www.evolutionmining.com.au
23
ASX Code: EVN
Website: www.evolutionmining.com.au
24